3 Tips for Buying a Luxury Piece of Real Estate
Luxury real estate is not usually somewhere that people have as a their only home. It’s usually a property that they rent out for people going on vacation or on other short term basis. There are so many different types of luxury real estate that one is able to invest in or buy when they are looking to do so. The choices can be quite overwhelming. If you are looking for luxury condos for sale or other types of properties and real estate then here are a few tips that might help you along the way.
- Find a Real Estate Agent
The first thing that you need to do is find a real estate agent that is qualified and experienced in the realm of luxury real estate for sale. A good agent will be your key to finding a suitable property that may not be up for grabs to the regular person. There are properties that are out there for sale which are owned by people with privacy concerns. An experienced agent will know about the inside information that is needed to find listings before they become available on the general market. A good agent will also be able to assist you in determining what a luxury property’s value is. A lot of the residential properties are valued by using comparables methods which means there is no definite price. They are compared to other properties near by which have been sold more recently. Trying to value a luxury property can be very complicated and difficult because often times there are no properties near by. However, your real estate agent should be able to do it.
- Procure Proper Financing
Trying to get a home for luxury homes is quite a bit different than for other, more general properties. Because the loan is usually so much greater, the process can take a lot longer. Even if your finances and records are in perfect order, it could still take up to two months to be able to secure a loan. You may want to get your financing procures right in the beginning of the process. This is because most of the sellers of luxury homes are not interested in showing their properties to anyone other than buyers that are already qualified and get the process started quickly once they decide that they like a property. Since it takes quite a long time to get the financing to come through, as soon as you decide that this kind of property is what you want to buy then you should start the process to get the loan. This way, once you are ready to start looking at houses, you will already be qualified.
- Find Trusted Inspectors
Whenever you are purchasing any kind of real estate, you need to take your time in having the home properly inspected before you purchase it. Luxury homes are usually much larger and have a great many more amenities that might need inspectors that are more experienced in specializing. The types of things that you will need inspected could be anything from pools and spas to fountains, ponds or even small lakes. There might also be extensive lawn irrigation systems as well as other outdoor amenities such as exterior fireplaces, security systems including cameras and audio, outdoor lighting systems and more. Indoors there might be awning systems or automatic screens, central vacuum systems, heated floors and all kinds of other possibilities. Your real estate agent might be able to help you in finding some good inspectors, otherwise you might ask for referrals from friends and family. Word of mouth is the best way to find a professional.
Buying a luxury property is not as easy as it might seem at first. There is a lot more involved in it than buying a regular piece of real estate. There needs to be a sense of higher quality of living in order to be able to get away with purchasing a luxury home. You aren’t going to be able to get it just because you want to have something fancy. That’s when you buy a brand new car. Buying luxury real estate requires money, time and personal investment.